US stocks turn lower in early trade
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NEW YORK, Nov 14 AFP
November 15 2012, 03:32AM
US stocks have turned lower in early trade after an opening jump helped by good results from Cisco and Abercrombie & Fitch.
At 1545 GMT on Wednesday, the Dow Jones Industrial Average was down 60.04 points (0.47 per cent) at 12,696.14.
The broad-market S&P 500 fell 6.43 (0.47 per cent) to 1,368.10, while the tech-rich Nasdaq Composite slipped 7.76 (0.27 per cent) to 2,876.13.
The fall came ahead of a press conference by President Barack Obama in which he is expected to detail his proposed revenue increases for cutting back the huge fiscal deficit, including tax hikes that could hit Wall Street.
Dow component Cisco jumped 6.7 per cent after its 48 cents earnings per share for the fiscal first quarter beat analyst expectations by two cents.
Abercrombie & Fitch, the retailer of trendy clothing for youth, soared 27.3 per cent after turning in a 40 per cent jump in third-quarter profit and sharply increasing its forecasts for the full year.
Office supplies chain Staples added 2.1 per cent after reporting an expected quarterly loss due to impairment charges mainly related to its struggling European business.
Excluding that, its earnings per share came in flat, and around analyst expectations.
Among other Dow blue chips, Bank of America fell 2.1 per cent and Home Depot lost 1.8 per cent.
On the Nasdaq, Dell added 1.4 per cent and Facebook gained 8.4 per cent, despite a lifting of a share-sale ban for insiders, while Apple fell 0.1 per cent.
Bond prices slipped.
The 10-year US Treasury yield rose to 1.61 per cent from 1.59 per cent late on Tuesday, and the 30-year rose to 2.74 per cent from 2.72 per cent.
Bond prices and yields move inversely.